InFUSE Holdings

Investment decisions are made by the three co-founders: Tim Johnson, Eric Richman, and Dave Rothenberg, each with extensive healthcare investing and operating backgrounds. Johnson brings healthcare private equity and M&A experience from BroadOak Capital and Mt. Weather Capital. Richman has a life science venture and executive background, while Rothenberg co-founded Privia Health and MDLinx. The team also includes director Dr. Greg Gottschlich, a practicing immunologist and medical director of Horizon Infusions.

InFUSE Holdings describes itself as a firm that 'owns and operates high-quality, cost-effective ambulatory infusion centers.' Its structure blends private equity ownership with operational management, functioning as a healthcare operating company. The co-founders' backgrounds include healthcare private equity (Johnson), venture investing (Richman), and physician-practice entrepreneurship (Rothenberg), making InFUSE an operator-led investment vehicle focused on a specific care delivery model.

InFUSE targets existing ambulatory infusion centers for acquisition and operational improvement, rather than early-stage startups or large hospital systems. The firm focuses on single-site and small regional infusion centers that can benefit from standardized workflows, inventory management, and outcomes reporting — effectively a buy-and-build strategy in a fragmented market.

InFUSE currently operates infusion centers in Ohio (East Cincinnati, West Cincinnati, Columbus, Springfield) and Northern Kentucky. The firm lists Dayton, Akron, Cleveland, and Toledo as 'Coming Soon' on its website, indicating a planned expansion across Ohio. The co-founders are based in the Washington, DC area, with the HQ in Bethesda, MD. Real estate director Harley Carroll has completed transactions across 35 states.

InFUSE's sourcing likely leverages the co-founders' extensive networks in healthcare private equity, venture capital, and physician-practice management. Tim Johnson's experience at BroadOak Capital and his career in healthcare M&A provide relationships with infusion center operators and brokers. Dave Rothenberg's track record with Privia Health connects him to independent physician groups that may operate infusion centers. The firm also operates a referral-based expansion model, as evidenced by the controlled rollout of new locations.

InFUSE does not publicly disclose co-investment activity alongside external general partners. The firm's website presents it as a direct owner-operator of infusion centers, without mention of fund structures or parallel investments. Given the co-founders' private equity backgrounds, co-investment is possible but unconfirmed. The firm's operating model aligns more closely with a healthcare services holding company than a traditional fund-of-funds or passive co-investor.

InFUSE focuses on cost containment and standardized outcomes in an ambulatory setting, which it argues is superior to hospital outpatient departments in both cost and patient experience. The firm implements best practices in workflow, inventory management, scheduling, safety protocols, staffing, and outcomes data collection. By operating in lower-cost locations with dedicated staff, InFUSE aims to reduce overall healthcare costs for patients, employers, and payors, while maintaining high-quality care.